Verbit, the leading transcription and captioning solution, announced today the close of a $23 million Series A round led by Viola Ventures, with participation from Vertex Ventures, HV Ventures, Oryzn Capital, Vintage Venture Partners, and Clal-Tech. This latest round of financing brings Verbit’s total funds raised to $34 million, following an $11 million seed round.
Verbit will use the latest investment to support its global growth initiatives, including scaling the sales, marketing, and product teams, driving solution development, and accelerating its U.S. expansion. This news comes on the heels of an explosive 2018 for Verbit. The company opened a new office in New York and saw total revenue grow by 300 percent.
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“I am lucky to work with such a talented team that is devoted to customer experience, company growth, and product innovation,” says Tom Livne, CEO and Co-Founder of Verbit. “It’s been only eight months since our last round of funding and this latest infusion of capital is a testament to the strong demand for an AI solution in such a manual and traditional space.”
Over 100 customers in the legal and higher education industries are utilizing Verbit’s in-house, AI speech recognition technology. Verbit’s solution also uses human intelligence via an on-demand network of transcribers, which creates thousands of work opportunities for freelancers. This hybrid approach enables Verbit’s customers to optimize their workflows and meet the increasing demand for transcription services, which is reflected in the company’s high customer retention and renewal rates.
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“We have been closely following Verbit for the past two years. The disruption it brings to the market, both in its technological superiority, as well as market traction, are really exceptional. We believe that using human assisted AI services is the strongest trend in the technology world today, and Verbit perfectly fits our investment thesis in the area,” says Ronen Nir from Viola ventures, who led the round and will join Verbit’s board of directors.
“Verbit’s unique combination of AI and network of human transcribers have been making waves in the market since coming on the scene two years ago, and the rate at which the company is growing is a clear indicator that organizations are seeing the value their solution brings,” added Yanai Oron, General Partner at Vertex Ventures. “We are thrilled to be an early investor in the company and continue to play a part in its growth.
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